Galaxy Digital Sees Unusually High Options Volume (NASDAQ:GLXY)

Galaxy Digital Inc. (NASDAQ:GLXY) was the target of unusually large options trading on Friday. Stock investors acquired 30,515 call options on the company. This represents an increase of 66% compared to the average daily volume of 18,380 call options.

Insiders Place Their Bets

In other Galaxy Digital news, General Counsel Andrew N. Siegel sold 223,169 shares of Galaxy Digital stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $4,039,358.90. Following the completion of the sale, the general counsel directly owned 479,896 shares in the company, valued at approximately $8,686,117.60. The trade was a 31.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christopher C. Ferraro sold 1,250,000 shares of Galaxy Digital stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $18.10, for a total value of $22,625,000.00. Following the completion of the sale, the insider owned 1,437,921 shares of the company’s stock, valued at approximately $26,026,370.10. The trade was a 46.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,668,671 shares of company stock valued at $175,359,900.

Institutional Investors Weigh In On Galaxy Digital

A number of hedge funds have recently added to or reduced their stakes in GLXY. SJS Investment Consulting Inc. purchased a new position in shares of Galaxy Digital during the second quarter valued at approximately $77,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Galaxy Digital during the second quarter valued at approximately $79,000. AdvisorNet Financial Inc purchased a new position in shares of Galaxy Digital during the second quarter valued at approximately $125,000. Harbour Capital Advisors LLC purchased a new position in shares of Galaxy Digital during the second quarter valued at approximately $349,000. Finally, Accurate Wealth Management LLC purchased a new position in shares of Galaxy Digital during the second quarter valued at approximately $440,000.

Galaxy Digital Stock Up 4.2%

Shares of Galaxy Digital stock opened at $27.13 on Friday. Galaxy Digital has a 52 week low of $6.89 and a 52 week high of $28.20. The firm has a 50 day moving average price of $20.55.

Analysts Set New Price Targets

GLXY has been the subject of a number of research analyst reports. Atb Cap Markets upgraded Galaxy Digital to a “strong-buy” rating in a report on Tuesday, May 20th. Rosenblatt Securities initiated coverage on Galaxy Digital in a report on Tuesday, June 24th. They issued a “buy” rating and a $25.00 target price for the company. Wall Street Zen upgraded Galaxy Digital to a “sell” rating in a report on Friday. HC Wainwright upgraded Galaxy Digital to a “strong-buy” rating in a report on Friday, May 16th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $33.00 target price on shares of Galaxy Digital in a report on Thursday, July 3rd. One analyst has rated the stock with a sell rating, two have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Galaxy Digital has an average rating of “Buy” and a consensus price target of $29.00.

Galaxy Digital Company Profile

Galaxy Digital Holdings Ltd. is a financial services and an investment management company, which engages in the digital asset, cryptocurrency, and block chain technology sectors. It operates through the following segments: Trading, Principal Investment, Asset Management, Investment Banking, Mining, and Corporate & Other.